Bitcoin Forum

- exchanges that don't give a fuck and are not even hiding blatant wash trading, tape painting and spoofing.

- pump and dump groups with thousands of members on telegram dedicated to inflate the value of the coins of their choice and then dump their bags on poor bag holders who fund their gains before they run the thing to the ground.

- hackers who hack websites, wallets, exchanges, smart contracts

- scammers of all kind

- exchanges that will randomly confiscate your money and then you wait for months for customer support response, criminals

- 99% of icos are blatant cash grabs with no useful product or working prototype whatsoever and they are going to fail.

- miners that waste incredible amount of energy to mine mostly worthless funbux, ruin gpu market and occasionally enjoy cheap, even subsidized electricity while providing pitiful amount of new jobs.

- Crypto investors (speculators) who heavily shill their coins and fight with each other like a bunch of retarded children over whose funbuck is the god and which is worthless trash.

- "captains of the industry" who think they're next Edisons or Nikola Tesla while in fact they're making overpriced pogo sticks at best. :)

That is why BTC > shitcoins, anytime

just to inform people
regulations do NOT give exchanges the authority to freeze funds / confiscate funds

if a customer has been flagged as being a AML risk. the exchange is suppose to only write out a SARS report but NOT inform the customer they are under investigation

the only time that funds should be frozen is if there is a court order. at which point the funds would be seized by the authorities and the customer would be informed of the seizure straight away by the authorities

it is not the job of an exchange to act as a sheriff/judge/customs officer. it is just an exchanges job to act as a witness/informant

judging from this post, the conclusion is one - now there is a continuous lawlessness!

Although I agree with pretty much all of your message, what is your point buddy? What are you trying to tell us that we don't already know? I don't get it. Please kindly explain. Thanks.

Welcome to unregulated markets.  

BTC is just another e-currency like any other :)

yeap !

Investing in bitcoin is like betting money on whether a random number generator will spit out a number that’s higher or lower than the previous one. I’m willing to concede that some people will guess correctly and win, but it’s just guessing. There’s no real research you can do or any meaningful technical analysis to predict the next price movement.

Bitcoin jumped from nothing to $19,000, then slowly slid down to $7,500, then slumped to $5,000 for a while before bobbing up and down around $2,000 - $3,000. Then, in the wake of a major scandal involving an exchange, the price began quickly rising up (!) to $8,000 and most recently has dropped back to $7,000.

It's time for the community to start holding people accountable so that regulators are not left to clean up this mess. We need to punish exchanges that are inflating volumes and engaging in other questionable activities, and to call out scam ICOs and ICO shills. The shift to proof of stake among some of the alts will be beneficial for the environment, in my view.

On the other hand, this industry is just like any other with the constant feuding and tribalism. Just as bank robbers bring issues to the banking system, hackers bring issues to this industry. Fortunately, the transparent nature of the blockchain creates obstacles for thieves and criminals.

No. It's not. Bitcoin is ahead of every single cryptocurrency out there today in terms of almost everything, besides speed. While they're all in the category of cryptocurrencies or "e-currencies", bitcoin is in a different league.

Speed is taken care of as well. Lightning payments are instant. In fact, it's so fast, that the transaction in most cases confirms before the UI a second later displays that the transaction is confirmed. If that isn't a speedy payment then I don't know what is.  :D

OP has no clue about what differentiates Bitcoin from the rest, which does surprise me considering his registration date (December 2013) on this forum. Wouldn't surprise me if he keeps buying and selling at the wrong time therefore considers it to be a pile of shit without fundamentals.

It dont mean that if any user have joined this forum from starting would be knowing much about the technical facts about crypto currency and bitcoin. out of 10 users only 1 or 2 users are knowing about the technical details about cryptocurrency balance all have joined just to make money. And i think OP is also one of them.

It is true that BTC is totally different from all other altcoins as it is not controlled by any single developer and it dont need any project support to flourish, but instead it is running individually as a currency and it is the main source of valuation for all other coins and projects.

The fact that bitcoin is decentralized is the root of almost what you all listed there,no one is regulating the usage of bitcoins of scammers no one is stopping and really chasing them specialy those ICO scammers.And joining cryptocurrency world is like hopping to a place where there are no laws,everybody can do anything they want

Correction mate,bitcoin never fall from this low because this coin never drops to bellow $3,000
If you are really involved of active checking the flow of bitcoin and not just making stupid story here,then you should learn that before the hacking of binance(in which I believe that the scandal you are mentioning)bitcoin or the whole market is bullying already it’s just happen that we continuously grow after the hacking

So as you say all 3rd person and companies useless in this market. Because Bitcoin's idea established on P2P transaction. The entire system was based on mutual trust and without intermediaries.

But "we" have changed it, not what it should be, but what we want it to be. I think it's time to turn to P2P payment systems, non-intrusive networks. The actual value of the market is not measured by $, it will come and benefit to mankind! But we may not have fully understood this.

I think we need two things for the beginning of all this. The first is the free market conditions and hence free entry to the market. Completely anonymous way! The second is the continuation of this process as decentralized and the DEXs. I think we need DEXs. So the crypto trade will be better!

Knowing the difference between Bitcoin and altcoins doesn't require much effort at all. Heck, even most altcoiners quickly figure out the immense gap between what's trash and sound money. Not one single altcoin ever came even remotely close to Bitcoin and probably never will. It's just common sense.

The people you refer to who don't know anything are mostly Indians being here just to milk this forum by posting crap left and right. OP doesn't seem to fit in that category. ::)

I hate these kind of people. They are trying to take over something that they really can't. Are they trying to see themselves as the boss of this industry? I hope better people could enter and regulate (if something needs to be regulated) in this industry. We don't need these kinds of people. I hope no one could hold my fund in exchange sites for no reason.

Well, true. I just don't acknowledge it that much just yet, because I really don't think it's quite ready yet, for the masses, at least. :P

Generally you're right, altcoins are really in a sad state, they don't create anything valuable and they really don't deserve the attention they enjoy, but Bitcoin is different - it is objectively the best cryptocurrency, it is usable and it does offer a solution to some problems, and even if the wide public won't need it, there will always be people who do. Altcoins on the other hand are just copies of Bitcoin or risky and questionable experiments, and they always lack Bitcoin's safety and security, which makes them quite bad as money.

Lol, don't be naive, the same type of stuff goes on in the business world.  Corporations are sketchy and do everything they can do save a buck.  Fraud is rampant everywhere and people are willing to do almost anything for money.  This is just the nature of greed, its not exclusive to crypto.

i agree this thing is not only happening in crypto it happen everywhere
as long as money involved few people will take advantage of you just need to be vigilant

These and more are the things you get when we have an unregulated market. We hate the Wall Street because it is a corrupt though regulated platform and yet in our marketplace the same corruption is given the chance to breed and even took a new face and is now running wild and free. Why is this so? Answer: human nature. When we let humans without that sense of responsibility and not afraid that they are breaking any law...what we got is precisely the dark side of this industry. Sometimes we could not blame famous people of other industries criticizing us...they are seeing the many undesirable happening within this industry and yet for now we could not do anything about it. To be fair, corruption is happening in all industries including the many religions we have. What should we do to at least lessen these problems?

Yeah, this is exactly what Industry is. and if you don't wanna be a part of it then just go away. we aren't kids here. this is serious stuff as money making is involved here with a lot of verity of people around us always trying to make money from any possible point. even if you think it is hard it's not its just the way they want you to see the situation.

You nailed the main points!
Speculators came here to make money and we all know about exchanges which don't care about the safety of the investor funds. ICOs are not safe for the heavy cash investors but IEOs are more affordable to take risky decisions. Unfortunately, we as a crypto community have no power to fix these sides of the industry. 

So many people turn into bad people when knowing this cryptocurrency era. In the internet, you can do any bad thing without going to the jail. I think cryptocurrency was a problem and the first reason on why people doin' bad thing.

Yes that are all true. But imagine if we only see all the negative thought of something you will never aporeciate the good side on it. And if we only noticed and focus on the bad side of crypto we will never be motivated to work hard in earning crypto so it is not a proper mindset.

you forgot about the centralized altcoins with 100% premine which makes their supply fake and mathematically their market  cap fake, that are staying on top of the market cap list and people think they are "TOP coin" because of that. meanwhile the scammer owners of these coins are making millions by fooling them during their pump and dump schemes.

this is not much of an "industry" anymore. there is just bitcoin and a couple of altcoins that have been pushed out of top 20 coins because they are not centralized and then there are 2000+ shitcoins starting from ETH and XRP and going all the way down to CON and COZ

You make some valid points but that is the nature of unregulated markets. Big Brother is not here to save you from your own stupidity. You need to do your own due diligence before you invest and take personal responsibility for the custody of your coins. If you are lazy or stupid there will be people who will take advantage of you. I assume everyone is lying and only believe the things I can verify and never leave my coins on an exchange. If you don't have the private keys they are not really yours.

This is open for everyone so scammers use this opportunity to make money but the people who investing their money need to be blamed and they made this decentralized system into paradise for the scammers.

No one will give you guarantees in this field of activity as a couple of years ago they didn’t even take cryptocurrency seriously, but let's look at the positive aspects for several years, she achieved world-wide recognition by our society and what you say about fraudsters I agree with that but you understand that they are in every sphere, and it seems to me that exchanges of exchanges of the financial market can do this with their investors.

No three is a reality to me. I have been hacked and defrauded. Hacking is piercing reality in this industry . May gmyiu not be a victim. Guard your wallet with all diligence

And with all these disadvantages, in this market you can really earn a lot if you're clever) I think this fact covers all the flaws)

It is interesting that With all these, there is no talk about successful hacking of any blockchain.
 It is important to note that most of the problems you listed happen on Centralized platforms.

Honestly speaking, most of the points here are valid. But what we should be hampering more on are means to curb this unruly acts in crypto space. I can't even imagine my funds being locked on a centralized exchange for some cock and bull stories. For the aspect of hacking, private wallets curb that, I can't overemphasize on it. Let's look for means to make this space more conducive for everyone.

I hope this industry has taken measures to eliminate fraudulent ico although it is very difficult but I believe there will be regulations on ico.

I am also happy that the industry can be able to eradicate fraud, because so far there have been many people who have been harmed by ico fraud so that the trust of most ico has declined among investors.

It would take years to educate most this people. Hackers are always present as they can see blood on these innocant but uneducated prey.

yes this is all true, but all I know is that every decision we make without anyone's coercion and of our own willingness to enter this industry.

Absolute lawlessness in the industry. Nobody cares about growth, all people want is just to make money in whatever way and whatever means available. If some of these behaviors can be curbed, this space will be a lot more better and profitable.

sometimes one bad apple casts a dark shadow on the entire industry... As much as there are shameless scam projects,

there are also truly valuable altcoins with unprecedented technology and functionality already in place.

Crypto industry has been experiencing a lot of duplication which breeds shitcoins and some poorly developed project, bitcoin has always been the king in this space and no any other altcoin have come close to it because of the unprofessional attitude putting up by the devs

The selections are mostly being seen inside this industry, we can't deny the facts that most of the time we are taking the risk, we aren't sure how things will proceed we just take the steps and allow destiny to fill the next outcome, we don't see reality unless results already being achieved, we need to have an open minded appreciations to continue surviving.

These are negative facts about this industry, but it doesn't mean this industry is a complete shit. The speculation market is strong and somehow it helps crypto currency to be successful, it's undeniable.
But don't forget this industry also helped people from every corner of the world to connected themselves virtually to make business. It created a lot of jobs, entertainment and investment opportunities. Thanks to this industry very poor areas of the world were irrigated with external money, that is the most helpful money for the development of these areas.

Yes, no doubt that kind of things are what have prevailed in the minds of many people when they hear the word "cryptocurrency", and it is the first thing that comes to mind when we think about the possibility of investing in cryptos. However, all these types of problems are not exclusive to the crypto-universe since those of us who have more than a decade working in different types of online businesses already know that the same seems to prevail in all types of Internet businesses. Nothing new under the sun.

What we should emphasize is the many advantages offered by investing in cryptos at the moment, and that in reality most cryptos users, taking the appropriate security measures, have not suffered significant problems.

Scammers and hackers are typically everywhere, it's not just found on crypto. They are living in every industry where they can fetch money. As for those miners, I don't think that they really are wasting their energy with those worthless coins that they mine. Some I guess do this and just waiting for that coin to pump because of the market condition. And as for crypto investors, well everyone that's already in here has his/her own choice of what coin to support.

The decentralized system is the best option for everyone to act as they wish. So, we started this trade knowing it. Lately, the lack of good market conditions has triggered this further.  But it will improve over time, just give it some time.

I was happy with everything except the scammers, you can protect yourself if you use your head, and not wanting to get rich in one day.

That is it, despite all the bad things we have in this new rising market, it has still done good better than bad, aside scam projects, it has made lots of people become rich, so many businesses has successfully being established and has also created job for the jobless ones.

The market of cryptocurrency was just introduced and it is still at its early stage, with time when regulations and all manner of check and balance system comes to play, I’m sure that all these will really become a thing of the past, after all when gold was first introduced, there were so many atrocities that were committed with it too until its regulation became firm.

In the midst of all these negative things you have taken your time to research on, a lot of people are busy making genuine fund from the market, one of my BOSS once told me that if you focus your time in chasing a problem and condemning things, you may never go far in life, but if you focus on working on solutions to a problem, then you become the most successful.

We are aware of all these challenges that come with the cryptocurrency market, but what we are more concerned about now is how we can still make them work in our favor. So I think we should be more focused on looking for solution rather than just compiling the problem.

Be careful from scammers, and they will always try to steal your money without you realize. We need to always aware of any suspicious links or information that offering an easy way to make money because that thing will not exist. No instant money will come to us, and we should know that before we got scams. So we need to learn more and never stop to prevent ourselves from the scammers.

Should we say then that anonymous is now a crime because judging from the post what give room to all this bad aspects of the cryptocurrency industry is it privacy and ability to operate unidentified which is what decentralization is all about.

Your facts are definitely fun to read especially this one. If a novice reads this post, he will rather run away from this market, even without starting to understand crypto. Below it was necessary to list the advantages of this industry.

These are the facts, but there is another one: crypto and the blockchain technology are awesome and will change our lives and economy from the bottom to the top.

These are some of the reason why some people are being skeptical and afraid of coming into the crypto space to invest, but they forget that; to make it bug in life, you have to fake some risks.
These days, we have the privilege of getting passed some scam projects by participating in IEOs, because they are safer.

Crypto is going in bad path.
Crypto should have made our life easier but it has turned into a gambling game where one person benefits from others investment.
It's becoming more and more like a slow ponzi or networking game. You bring in new investors and get away with nice profits.

I agree.  As if someone specially lured gambling people here.  Who then can not get out of here giving them some handouts.

Lol, this is cryptocurrency and you can't stop all those things you have mentioned here, cause there is just now way to stop them. So the best you can do for yourself, same as others can as well do for themselves is to be aware of all these things that are happening in the crypto community and find ways for them to avoid things like this. They can be avoided. If you don't want to get caught up in a pump and dump, you an stop investing in small coins or try to dump them before you get dumped. As for ICO, how you can avoid them is by doing proper research before you settle for any of them. As for hackers, to avoid them you should stop storing all your coins on an exchange, and stop using desktop wallets (your computer can be hacked) or any wallet that can easily be hacked, you can use offline wallets.

All these are part of a decentralized system, all these are bound to happen until people become wiser and stay in a project they are very sure of. Instead of running after what is not and what could make them burn their bitcoin and be given shitcoins.

It does made our life easier but crypto is not responsible for our wealth.  Imagine sending remittances in just a click of a mouse even without bank account.  We do not need to go out, fall in line just to pay for our bills since there is already a third party that accepts cryptocurrency and settle our bills for us.  It do made our lives easier setting aside those fact you mention.  Besides it is in our own discretion if we gamble or trade.  Other just buy to use in the future so that they don't have to go out of their office when they wanted to pay or buy something.  The unbanked people got a chance to participate in trades and other investments that was previously only available to those who have bank accounts.  Any bankruptcy or losses is not done by the cryptocurrency but rather to the wrong decision we made.

Hard to say it's really decentralized. When people speak about decentralization, they ussually omit the most important word regarding this notion: level of decentralization. Is bitcoin fully decentralized? Hardly! 80% of mining capacities are centralized in China. Just one country collected 4/5 of all ASICs. Once mining is banned in China, a huge collapse can happen with pending transactions hanging in the memory pool.
So, be very accurate and careful when you speak about (de)centralized systems.

I am agree that many project dont have real product or just want to grab cash from early investor. I think if we want to make investment, better choose coin or token from reputable exchangers because they wont put their reputation with random project.

Above mentioned all points i can see the human greed . Yes this greed never ends . So atleast now i took initiative to oppose ICO or IEO i am doing this in all possible way . Most of the IEO or ICO here to grab money and disappear.

Well, I understand this post says that why do we need cryptocurrency and blockchain, let's move on to the classical market standards.

And that in other financial areas have no problems? There is no fraud, there is no corruption. And other problems? I think nothing has changed, and this is just a living example of what is happening in the world today. And you should not look for a way out in cryptocurrency. This is such a complex tool as investing in other industries.

No doubt you're absolutely right. Blockchain and everything connected with it is the future, many new features and a step towards progress. But human greed and the desire for instant benefit come to the fore...Unfortunately, this is human nature...cheat and spoil everything...

In any industry there was an ups and downs and cryptocurrency is not exempted so thats why we better accept the fact. Althought i agree with some of your facts But honestly we cannot do anything about it so we better move forward and ride with flaws or we just quit and leave the space for our own convenience thats my opinion about the facts you wrote!

I think you are almost 100% right, but some exchanges will do almost all they can to protect user funds, but hackers and scammers affect the market because they stole coins and most of them sell once they get coins.

The fact is that the market and companies in general will not give any guarantee, whether there is also a complete analysis of a project.  In the case of exchanges, investors and traders get some degree of security if they try to associate themselves with new coins, such as IEO. 

Yes, companies and exchanges clearly do not provide any guarantee for everyone, because that is sometimes we need analysis so we can see a good opportunity both in exchange and in a company.

All the above listed points are applicable to this industry ! And on a real note many of these needs to be eradicated to make this space a better one ! Else we will just be revolving around same circles.

@OP, you have only stated the negative sides of the industry, which i will not debunk, because you are right, but it would have been good if you had balanced things up by also stating the good side of it.
I have the assurance that cryptocurrency is the future and that it will be of great benefit to the entire humanity.

We can't deny the fact that OP's statements are the disadvantages of cryptocurrencies. It's a fact, right. Exchanges is hardly trusted nowadays. They are hackable. Since we already know this facts, the first thing we can do about it is to accept the reality. Since we are part of this 'imperfect industry OP is talking about, let us just be careful with our actions to prevent scammers and hackers.

I still believe bitcoin will gonna contribute big in our future, those negative sides will be known as a weakness of it but that doesn't mean it will be a hindrance for the success of cryptocurrency. Mankind is accepting this kind of technology so those who complained are still here supporting btc despite of all the negativities.

Investing in altcoin with low market cap and thinking with high risks but comes with huge profits. So that's up to the investor who wants to make a lot of money with a small amount or a little profit but definitely reduces the risk

That is what you can call an absolute decentralization, I think what matters the most is how people will going to treat the cryptos capability to allow customers and investors to freely trade, or join a particular industry that they wanted to, and there's actually no reason for us to be afraid about it.

Instead on complaining on what you know y have no control over, why not explore your own opportunity too and see how you can benefit from it. We have so many slums around the world filled with bad people, but inside those slums, we have seen doctors arise, inside those slums, we have seen lawyers, great business men arise and many more.

In this same crypto currency industry that is filled with bad people has you say, you can still make something meaningful out of it if you stop focusing on the negative side of it and see what crypto has done positively to people out there.

Maybe that negative fact, is good to spread too. I mean, not only good things that we must tell into people who want to jump into this business. But they must understand it's risk and know everything about what they want to invest.

I guess the realization that crypto could have been the savior that we all rely on with this horrible economic system that was put in place way before we were born and didn't have say in it but failed to do any of that caused bitcoin to not become a global adopted spending currency.

I am not saying banks did it but banks did profit from it amazingly, we created bitcoin because we wanted crypto currencies to beat the system banks put in place but instead of beating it it became a part of it and now we are yelling the rules are not fair and banks have advantage.

Well, if you think bitcoin could have made you rich and if enough people believe that then yeah banks will use that a lot more and everyone will try to take advantage over you like exchanges and scams and what not. If you use it the way it was intended like a currency instead of like an investment then all of the problems listed would go away in a day.